Affirming the arbitral ruling, the Bombay High Court has told the Board of Control for Cricket in India (BCCI) to remit Rs 538 crore to the defunct IPL team, Kochi Tuskers Kerala. After only one season, the BCCI disbanded this franchise in 2011. Claiming a breach of contract as a result of the team’s failure to provide a bank guarantee on schedule, a condition of the agreement, the BCCI terminated the franchise following that single season (2011).
Under Section 34 of the Arbitration Act, Bombay High Court’s jurisdiction is rather limited. The merit of the disagreement BCCI is attempting to investigate flies in the face of the parameters set forth in Section 34 of the Act. The Bombay High Court remarked in its decision that the BCCI’s discontent with the conclusions regarding the evidence and/or the merits cannot be used to challenge the Award.
Following an arbitration that found in favor of the team, the BCCI was ordered to pay IPL franchise Kochi Tuskers Rs 550 crore, comprising Rs 384 crore to KCPL and Rs 153 crore to Rendezvous Sports in 2015. In the Bombay High Court, the BCCI challenged the ruling of the tribunal.
We have the arbitrator Lahoti’s report. Most of the members favor appealing against the conclusions of the arbitrator. Speaking to PTI following a meeting of the Governing Council, then IPL Chairman Rajeev Shukla said, “We are now searching for legal counsel.”
Having purchased for a staggering Rs 1,550 crore yearly before, the franchise defaulted on its yearly payment; therefore, the Board of Control for Cricket in India (BCCI) cancelled their deal in 2011. The franchise won the lawsuit against the BCCI, and the Bombay High Court mandated the board to compensate Rs 550 crore.
Having won six of 14 league games, the franchise finished eighth in the 10-team standings in their only season. Notable players Hodge, Mahela Jayawardene, Brendon McCullum, and Ravindra Jadeja all played for the team during their one IPL season.
